Three months consolidated revenue remains flat at AED13 bn
ABU DHABI/October 21: Emirates Telecommunications Group Company (Etisalat) reported a net profit of AED2.41 billion for the three months ending September 30, 2020 compared with AED2.29 billion a year earlier, representing an increase of 6 per cent.
The net profit reported by the company for the first nine months in 2020 was to the tune of AED6.98 billion representing an increase of AED249 million or 3.7 per cent compared with the same period last year
While the consolidated revenue for three months reached AED13 billion, that generated by Etisalat for the nine months ending September 30, 2020, amounted to AED38.64 billion representing a decrease of AED202 million or 0.5 per cent compared with the same period in the earlier year.
On the revenue front, Egypt is the only major market where Etisalat’s revenue posted a growth. While the nine-month revenue in Egypt increased to AED3.05 billion from AED2.49 billion, that of UAE dropped marginally from AED23.94 billion to AED23.34 billion.
Mobile revenue falls in UAE
Interestingly, in the UAE, the revenue from mobile declined by 11.61 per cent, or by AED1.07 billion in absolute terms, from AED9.22 billion to AED8.15 billion.
While mobile revenue dropped from AED3.39 billion to AED3.25 billion in Morocco, in Pakistan, it dropped from AED969.94 million to AED755.39 million during the first nine months.
Egypt is the lone market where the mobile revenue increased from AED2.13 billion to AED2.52 billion, though marginally.
Pakistan reports loss
The analysis of the segment results shows that Pakistan reported a loss of AED16.67 million (before taxes, finance costs and royalty) from its operations in the nine months.
While UAE generated a segment profit of AED10.62 billion, Morocco reported AED2.20 billion and Egypt came up with a segment profit of AED677.08 million for the said nine months.
Net assets marginally down
The net assets decreased by AED111 million to AED57.66 billion as of September 30, 2020. The group has incurred AED4.15 billion capital expenditure in nine months of the current year compared with AED4.88 billion in the earlier period representing a 14.95 per cent drop.
Hatem Dowidar, acting CEO of Etisalat Group and CEO, Etisalat International, said the company’s performance in the third quarter exemplifies resilience in these uncertain times and is a testament to the vital role the network played in the customers’ lives enabling businesses and the society to easily transition to the new normal.
While the total dividend paid in respect of 2019 was 80 fils per share, the company has paid 40 fils interim dividend so far during the current year in two tranches.